A Look At AT&S (WBAG:ATS) Valuation After The New Gapwaves Automotive Antenna Partnership

The new supply agreement with Gapwaves puts AT & S Austria Technologie & Systemtechnik (WBAG:ATS) directly into Gapwaves’ Multi Layer Waveguide antenna production, highlighting its role as an automotive qualified supplier in advanced antenna components.

See our latest analysis for AT & S Austria Technologie & Systemtechnik.

That Gapwaves partnership arrives at a time when momentum in the stock is already strong, with a 90 day share price return of 141.33% and a year to date share price return of 298.78%, while the 1 year total shareholder return is very large at roughly 7x.

If this kind of move has your attention, it could be a good moment to look at other companies tied to next generation connectivity through the 46 AI infrastructure stocks

With AT & S now tied more closely to next generation connectivity and reporting €1,706.9m in revenue and €128.2m in net income, is the stock still trading below its estimated worth, or has the market already priced in future growth?

Most Popular Narrative: 121.7% Overvalued

With AT & S Austria Technologie & Systemtechnik last closing at €130.8 against a narrative fair value of €59, the gap between price and modelled worth is wide and immediately raises questions about what is built into expectations.

The analysts have a consensus price target of €59.0 for AT & S Austria Technologie & Systemtechnik based on their expectations of its future earnings growth, profit margins and other risk factors.

However, there is a degree of disagreement amongst analysts, with the most bullish reporting a price target of €100.0, and the most bearish reporting a price target of just €15.0.

Read the complete narrative.

The narrative leans on faster revenue expansion, rising profit margins and a compressed future P/E that still supports today’s fair value. It is worth examining which assumptions carry the most weight in that jump from current earnings to the projected profit pool and cash flows that underpin the €59 figure.

Result: Fair Value of €59 (OVERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, there are still powerful demand drivers around AI hardware and high performance computing, and a successful ramp up in Malaysia and Austria could support a very different outcome.

Find out about the key risks to this AT & S Austria Technologie & Systemtechnik narrative.

Another Valuation Check: Cash Flows Tell a Different Story

While the narrative fair value points to overvaluation at €59, our DCF model presents a very different picture, with an estimated future cash flow value of about €231.58 per share compared with the current €130.8. That gap is sizeable, so which story do you consider more useful for forming your own assumptions?

Look into how the SWS DCF model arrives at its fair value.

ATS Discounted Cash Flow as at May 2026

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out AT & S Austria Technologie & Systemtechnik for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 220 high quality undervalued stocks. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.

Next Steps

Given the mixed signals in this story, it makes sense to review the underlying data yourself and decide how you feel about the balance of risks and rewards, starting with the 3 key rewards and 2 important warning signs.

Looking for more investment ideas?

If this story has you thinking bigger, do not stop here, broader opportunities often show up first in the data other investors have not checked yet.

This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

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